Over 12 firms including financial investors/lenders; resource and energy companies as well as industrial/infrastructure companies are jostling for the first multi-million dollars flare gas commercialization bid round in Nigeria.

The Department of Petroleum Resources (DPR) had, in a correspondence sent to the ‘interested parties,’ who also include communities; lenders; project developers; and technology providers; declared that the bid round is the world’s largest market-driven flare gas monetization program. An industry source said that more than 12 firms, had within a week of the announcement, reached out to the DPR through different teams assembled for the auction.

Stating that all those who have shown interest and who would be participating in the NGFCP should register and apply for the issuance of the Request for Qualification (RfQ) package, the DPR maintained that this would lead to the submission of statements of qualification (SOQs) by interested parties for participation in the programme.

The auction, according to DPR, “presents a significant opportunity for domestic and international developers alike to participate in the largest market-driven flare gas monetization program undertaken on this scale globally. Bidders will have flexibility of choosing, which flare site(s) to bid for, determine the gas price, and their end – use market or gas product, as well as the technology to be deployed.”

Source: New Telegraph